Portola to use $20 million of debt financing to bolster cash position, develop pipeline

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Hercules Technology Growth Capital, Inc. provided $20 million of debt financing to Portola Pharmaceuticals Inc. on Sept. 29.

"This financing will allow Portola to bolster our cash position as we move toward a number of exciting near-term milestones," chief executive officer Charles Homcy said in a company news release.

"We look forward to advancing the development of our product candidates and are pleased to have the support of a leading investor like Hercules."

Portola is a private biopharmaceutical company located in Palo Alto, Calif.

Hercules is a specialty finance company with offices in the Silicon Valley, Boston, Boulder, Colo., and Chicago.

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